The net profits after tax of Société Arabe Internationale de Banque (SAIB) rose by 3% year-on-year (YoY) to $31.15 million in 2023 from $30.15 million.

The net interest income amounted to $404.03 million as of 31 December 2023, an annual growth of 6% from $379.72 million, according to the financial results.

In addition, the earnings per share (EPS) went up by 1% to $0.70 last year from $0.69 in 2022.

SAIB registered customer deposits valued at $2.75 billion in 2023, lower by 6% YoY than $2.94 billion.

Dividends

The bank’s board recommended cash dividends amounting to $16.55 million, equivalent to 5% of the total paid-up capital.

In this regard, the lender will disburse a dividend of $0.50 per share for the full year that ended on 31 December 2023.

In the first nine months (9M) of 2023, SAIB witnessed lower net profits after tax at $19.04 million, compared to $26.47 million as of 30 September 2022.

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